Word: firmed
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Dates: during 1980-1989
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...issues galvanize public opinion more than terrorism, and few journalistic devices can tap those feelings more succinctly than an opinion poll. This week we decided that our cover story on the hostage crisis in Lebanon needed an accurate reading of popular thought, so we asked our regular polling firm, Connecticut-based Yankelovich Clancy Shulman, to conduct a survey. On one day, 25 interviewers telephoned 500 people at random and asked them 22 questions for an average of six minutes. The results were put into computers and tabulated, with a margin of error of plus or minus 4.5% taken into account...
...about $250 million in 1980 to nearly $45 billion last year. The buyouts included household names like R.H. Macy, Beatrice, TWA and Safeway Stores. In such deals an investor group, often headed by a company's own executives, uses bank loans and high-interest junk bonds to buy a firm and take it private. Almost without exception, the group immediately slashes costs, lays off workers and sells divisions to reduce debt; the managers may eventually reap huge profits by selling the streamlined company back to public investors...
...laden acquisitions are risky, LBOs replace the stock on corporate balance sheets with loans that must be repaid, leaving executives with little room for error. "Running an LBO is different from running other companies," says Wilbur Ross, a senior managing director of Rothschild Inc., a New York City investment firm. "The reaction time at LBO companies has got to be a lot quicker, because they must generate cash fast enough to beat those interest-payment deadlines...
REVCO D.S. Back in 1986 it was the largest U.S. drugstore chain. Revco plunged into an LBO that year after Herbert Haft, chairman of the Dart Group of retailing companies, made a bid for the Twinsburg, Ohio-based firm. With advice from Salomon Brothers, Revco chairman Sidney Dworkin led a $1.3 billion LBO financed largely by junk bonds that paid more than 13% interest. The company then expanded its line of merchandise to include video players and ^ electronic appliances in the hope of boosting business. Bewildered customers began shopping elsewhere, and Revco fell short of its sales and earnings targets...
...manipulate the market, starting in mid-1984, through a technique called stock parking. They arranged to sell some securities at a loss and then repurchase them at the same or slightly higher prices. The party ended one wintry day in 1987, when 50 federal marshals burst into the firm's offices, situated above a Haagen-Dazs shop in Princeton, N.J., and confiscated 255 boxes of company records and 336 hours of taped phone conversations...